b'NET ZERO TARGETSThe Business Ambition for 1.5C is a partner in the Race to Zero campaign and companies that commit to the Business Ambition for 1.5C campaign are automatically Within the corporate context the definition of net zerorecognised as part of the Race to Zero campaign as well.has not always been clear which has caused significant confusion and inconsistency. A common science-basedThe ACT initiative complements the SBTi by supporting definition of what constitutes a net zero target is criticalcompanies in the process of setting science-based for companies and their stakeholders.targets and set a clear sense of direction to be in line with a decarbonization pathway. In 2019, the SBTi commenced development of a framework for robust and credible science-based net-zero targets.AUSTRALIAN CLIMATE PROGRAMSThe framework includes criteria and guidance for setting and managing net-zero targets. The evolving standards distinctly require reducing the emissions footprint of aClimate Active is a climate neutral certification for companys entire value chain, as much as possible, andbusiness run by the Australian Government. Is provides only then removing the residual that they cannot eliminatea detailed methodology for measurement, abatement in by funding long term stable carbon removal.addition to selection of suitable carbon offsets. Like the science-based targets its scope includes aCity Switch is a buildings-based programs for commercial companys scope three emissions such as procurement,building in capital cities. While it has mandatory protocols workforce related emissions and even the customer usefor measurement and reporting as well as useful resources of their goods and services.to mitigate carbon emissions it does not provide climate target certification at this time.This proposed approach is based on a carbon management hierarchy:1.Avoid - eliminate our impact through designA NET ZERO 2.(rethink business strategy) PATHWAY Reduce - do what we do more efficiently3.Replace - replace high carbon energy sources with OPTIONSlow carbon ones4.Offset - offset residual emissions that are not eliminated by the above For most firms a net zero pathway requires a 4.2 percent linear reduction each year based on the 2019 base year. The SBTi is in the final stages of releasing standards for companies that set net zero greenhouse gas emissionsThe below carbon reduction hierarchy provides targets which is scheduled to be launched on 28 Octobercategories for the most valuable and generally cost 2021. effective actions. There are already a wide range of actions law firms are undertaking or can begin planning A net zero framework for business distinct from similar netplan for which can kick off their 25 year program. zero programs delivered for governments, buildings orOf course, net zero is also a process of continuous products which are overseen by different bodies and useimprovement to developed further as new services, different system boundaries, methods and certificationproducts,technology and favourable business cases processes. allow.AVOID - ELIMINATE EMISSIONS BY BUSINESS CLIMATEREDESIGN AND STRATEGIESPROGRAMS Reduce travel by combining meetings during trips, reducing the number of people required INTERNATIONAL CLIMATE PROGRAMSfor meetings, allowing for remote working and favouring online alternativesCompanies that commit to the SBTi automatically countAvoid paper consumption and ensure all waste towards the We Mean Business campaignpaper is recycledSeparate waste streams for more effective reuse The SBTi also leads the Business Ambition for 1.5Cand recycling campaign, calling for business leaders to set emissionsIdentify and favour products and services with reduction targets in line with a 1.5C future.lower embodied emissions18'